Fuel prices hit fresh record high on June 16; Petrol nears Rs 100/litre in Bengaluru

This marks the ninth price rise in the auto fuel prices so far in the month of June that follows 16 hikes in May. Prices have been on the rise since the past month (May 4) after oil marketing companies (OMCs) resumed their price revisions ending an 18-day hiatus that coincided with the assembly elections in key states.

Following the recent hikes since May 4, the price of petrol has crossed the Rs 100-per-litre mark in seven states and union territories including Rajasthan, Madhya Pradesh, Maharashtra, Andhra Pradesh, Telangana, Ladakh and Karnataka.

Last month, Bhopal became the first state capital to have petrol hit the three-figure mark followed by Jaipur and Mumbai. Monday, Hyderabad joined this list and now Bengaluru is inches away from hitting this psychological landmark with petrol here retailing at Rs 99.89.

Petrol and diesel rates are at the highest in the country in Sri Ganganagar district of Rajasthan where petrol comes for Rs 107.79 a litre. Diesel here touched the three-figure mark on Saturday and currently is retailing at Rs 100.51 per litre, the Indian Oil data showed. In Madhya Pradesh’s Anuppur district, petrol today is priced at Rs 107.43 a litre and diesel at Rs 98.43.

In India, the fuel prices differ from state to state depending on the local taxation (VAT) and freight charges. Apart from this, the central government charges an excise duty on auto fuels.

The central and state taxes make up for 60 per cent of the retail selling price of petrol and over 54 per cent of diesel. Centre levies Rs 32.90 per litre of excise duty on petrol and Rs 31.80 a litre on diesel.

OMCs revise rates of petrol and diesel daily based on the average price of benchmark fuel in the international market in the preceding 15-days, and foreign exchange rates.

In the international market, oil prices rose on Wednesday, with Brent gaining for a fifth consecutive session, as falling stockpiles and a recovery in demand encouraged investors, Reuters reported earlier in the day.

Brent crude was up 69 cents (0.9 per cent) at $74.68 a barrel by 0200 GMT, having risen 1.6 per cent on Tuesday. US crude gained 66 cents (0.9 per cent0 to $72.78 a barrel, after rising 1.7 per cent in the previous session, the report said.

Here’s what you pay for a litre of petrol and diesel in your city on Wednesday, June 16, 2021:

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